If a key leadership position were to go unexpectedly vacant tomorrow, how quickly could your company fill it with a qualified internal candidate?
A big lever for driving culture is leadership, yet only 10% of organizations feel comfortable with succession planning, according to research by Deloitte.
Succession planning is a management process that, when executed effectively, ensures that employees are properly recruited and developed so that they have the skills and experience necessary to step up and fill a key role within the company when the time is right. The process of succession planning addresses how to identify and evaluate those individuals with proven potential as future leaders, create plans for developing their talent, and work with leadership to create a smooth transition process.
